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U.S. lifts ban on foreign units of American companies operating in Iran

The United States will allow foreign subsidiaries of American companies to trade with Iran as part of sanctions relief granted under an international nuclear deal, the U.S. Treasury Department said on Saturday.

The move will give U.S. companies the chance of gaining a toehold in Iran. With a large population and ample energy resources, the country is expected to create tens of billions of dollars worth of business for local and foreign companies as sanctions are lifted.

U.S. citizens and companies are otherwise banned from trading with Iran, with few exceptions, by American sanctions that will remain in place even after the nuclear deal.